Suntech Power said Monday it failed to pay $541 million worth of bonds due on March 15. The default triggered cross-defaults on Suntech’s other loans.

The Chinese banks then asked the Wuxi Municipal People’s Court in the Jiangsu province to declare the operating subsidiary, Wuxi Suntech, to be insolvent and start restructuring it. The operating subsidiary notified the court that it that it will not file an objection against the petition.

David King, Suntech’s CEO, commented: "While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base. During this period, we will continue to work closely with all of our stakeholders and take the necessary steps to put Suntech back on track for growth."

Founded in 2001 by solar scientist Dr. Zhengrong Shi, Suntech was the largest solar panel maker in 2010 and 2011. Wuxi Suntech is the company’s main operating subsidiary in China engaged in the manufacturing of PV cells and PV modules.

Well, this is really sad news. It must be so difficult to come to a decision when you understand that there is no other choice left other than file for a bankruptcy. But there are some people and multiple companies who do that just to skip paying their debts. Hopefully this is not one of them. It is like you know as I could have turn myself to a bankrupt over some payday cash loans for instance. I have a loan with PaydayLoans@ - http://paydayloansat.com/ - and I am willing to pay it off in full, as I am not some sort of a douchebag or whatsoever you know. Hopefully things are going to improve for Suntech though.